REVIEW OF 2nd July 2012 AND UPDATE FOR 3rd July 2012

NIFTY  FUTURE – 2^nd July Recap

NIFTY FUT we mentioned that “NIFTY FUT now faces immediate resistance at 5305 and trading above which will attempt 5330 levels”.On a typical day after rally where markets shows some consolidation , our levels did provide some guidance. NIFTY FUT once managed to cross 5300 levels made a high just below 5330, giving something to intra traders in a very range bound day.  Markets couldn’t provide much of a follow up rally after yesterday’s big move. The good part is still that it traded on the upper band of yesterday’s range and made a higher high, showing that markets are looking to go up. But again at the same time all traders shouldn’t get carried away with all the news and just trade everyday with same set of rules and stops.

Our NIFTY FUT traders went long above 5305 and booked profits at 5320 levels. partly due to lack of movement and partly due to closing of sessions as well. But our star of the day was BANKNIFTY FUT traders who booked nearly 110 points in two different trades, making it another good day of follow up after yesterday’s big gains.

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NIFTY FUTURE – 03^rd July Trading Guide

NIFTY FUT managed to make a higher high and a low much above our early anticipated support levels, giving indications of strength, although there was not much frenzied follow up buying, but rather consolidation in this range. NIFTY FUT made a higher high but just closed below the psychological 5300 mark. The high made today will prove a crucial benchmark for this upmove. Trading above this we can see some resistance at 5350 levels and should see a move to test the crucial resistance of 5400 zone.On the downside immediate support now emerges at 5280 levels and any breach of that should see a quick test of 5250, where some support is expected to emerge.

Momentum indicators will stay positive happily until markets hold above 5250.



POWERTRADE BEARS LAST STAND POINT OF THE DAY -----5325-30  sustaining above which it will target 5355.5375,5405,5455
POWERTRADE TREND DECIDER OF THE DAY ------- 5275-80
POWERTRADE BULLS LAST STAND POINT OF THE DAY-------5250-55
Breakdown and sustaining below POWERTRADE BULLS L0AST STAND POINT OF THE DAY will open target for support of ---- 5220,5205,5185

Detailed analysis also posted at www.powertrades.blogspot.com

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